Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017
by AlexandrB on Thursday April 22, 2021 @07:39PM
(#26909448)
Thanks for taking the time to explain. I guess I remain skeptical as it seems like a lot of complexity that is slowly replicating the traditional banking system - just with transactions enumerated in a volatile equity instead of $currency. Perhaps I'm just getting old.
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Re:Avg. Transaction Fee of Bitcoin Surpassed the Peak from 2017
by hapticmonkey on Thursday April 22, 2021 @09:55PM
(#26910247)
The key difference is this infrastructure is 100% trustless. Bitcoin transactions are backed by proof-of-work, and Lightning transactions are backed by HTLC (hashed timelock contracts) which are in turn backed by the proof-of-work. Think of the blockchain more like a settlement layer and the Lighting network an everyday transaction layer.
That's the current goal of the developers of these systems, anyway.